Wood Group wins Premier Oil contract

Wood Group, the FTSE 250 enineering firm, has been awarded a major North Sea contract by Premier Oil to deliver integrated operations and maintenance support services to the Balmoral floating production vessel.

The contract, estimated to be worth around £250m, will see Wood Group provide managed onshore and offshore operations and maintenance services to the Balmoral. The award to Wood Group is a life of field work scope, currently estimated to run until 2020.

Robin Watson, UK managing director, said: "This contract is a significant win for Wood Group PSN's UK business. We will be focusing our energy on working in close partnership with Premier Oil to deliver safe operations that add value to the company's North Sea business and support future growth.

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"Wood Group PSN previously worked with Premier Oil to successfully commission and decommission the Sevan Voyageur, a Floating Production Storage and Offloading System (FPSO) in the Shelley field, central North Sea. This new contract award is an especially important milestone that allows us to nurture our relationship with a key client."

The share price fell 0.68% to 735.50p by 09:06.

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